₦airaland Forum

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Please keep your dollars. It is has not lost it's strength and value in the international market. You can still use it to pay for your fees or living expenses when you trave out.
Don't rely on the naira that has no stability.

Please if you starch USD dispose it now let naira gain some more..

I forsee #500 to a USD transact.
Pounds rate should go down too.

bemeruca:
Define investment

the action or process of investing money for profit. What I am saying in actual sense, is that what you did was not a good investment considering the factors on ground now. But understand that in investment, you either lose or gain. But in your own case now you have lost and you ran quickly to cry to us about your loss. I am very sure, if it had profited you, we will not hear pim from you. So bear the loss bro. It has happened it has happened. Same happened to me 2021/2022 crypto. what makes you a man is your ability to bear the loss.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Nothing goes up in a straight line brah.

All the governments is doing cannot sustain the naira in the long run. By next month the dollars would be above 1200 again

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

You would be the biggest fool to change your money back to Naira

Hustle more and add to it...

Older generations than us suffered ten times as much yet they don't complain as much as we do about every fluctuation of naira to dollar

Some people started building projects when cement was 150 naira and within a year, price of cement jumped to 600 naira yet they still completed the projects

The naira situation cannot change unless we get our export game right.

doggedfighter:
They will even be mocking you by saying anybody not saving in dollars is stupid.

As in! That is all I have been seeing online. You can buy the dip, DG.

Swiftgrp:
I'm one of the 2 or 3 men on that thread who told you NOT to buy large amounts of USD and/or USDT because the Naira would appreciate as a result of many fast unfolding economic variables. Better to cut your losses and run now because many people will go into systemic shock when they lose their money big time because they have engaged in hoarding or unsustainable market speculations.

CNG as part of the energy mix, will become the norm down the road, and the immediate one is that Dangote Refinery in Ibeju Lekki, Lagos, is due to start producing at the end of November 2023. The PH refinery too will commence production from the first quarter of 2024. A refinery is being built by BUA in Akwa Ibom State which is the largest producer of crude oil in Nigeria. So, the Naira would appreciate and the demand for imported refined fuel would drop... hence the conservation of a whooping $10 billion that is spent annually on fuel importation. The CBN would also get USD from the refineries transactions when they start working at near-capacity.

Just as I said, better to invest part of the money you have inherited in capacity building, and get involved in cross border investments that will generate hard currency for you while still in Nigeria. Be wise. Period.

I've been reading over and over. Beautiful piece.

Fugazy2023:
You better take your money now else you will cry harder by next week.

The second chart was what I took this morning at 6:19am. As you can see, the ask and bid prices have crashed between 6:19am and now (first chart) 10:01am.
FG is mopping off liquidity and many people will learn the hard way

If you do any proper trading you will know that this is an opportunity for speculators to buy and keep because the dollar will still appreciate over time.

Government efforts are only temporal backed by the 10bn loan they took which we have to pay back anyways. Until we ramp up exports so that we can start generating sufficient dollars eg Crude oil production, agricultural exports, manufacturing etc... This fx deficit will still recur and push the dollar price up. These structural issues in the economy are not going to be fixed any time soon so the advise to any investor with loose funds is to buy now and keep till around January when people who came in for holidays are travelling back and when business activities kick off in earnest.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

When people say invest in USD, they will not tell you about DCA (dollar cost averaging)..

What you faced is as a result of you went with all your full chest.
By applying dca you buy at different rates which on the long run gives you edge to easily cover losses or dips....


Sorry you had to experience it,
You are in already continue but apply DCA
besides getting USD is the easiest way to hedge against inflation aside From commodities

Shalom

Wujio:
Dollar is crashing to 800/750/600/500 into next year. Weve beem saying it to people. Do not buy dollar until at least September 2024

Dollar crash to 500?

You must be sleeping lol

It cannot go below 700 in the next 4 yrs
Mark this

What we really need is STABILITY in the market

Let there not be these wild oscillations.
Once it achieves stability
We will be good
If it is 800
Let it remain in that range for long so people can plan

jackmrandy:
the action or process of investing money for profit. What I am saying in actual sense, is that what you did was not a good investment considering the factors on ground now. But understand that in investment, you either lose or gain. But in your own case now you have lost and you ran quickly to cry to us about your loss. I am very sure, if it had profited you, we will not hear pim from you. So bear the loss bro. It has happened it has happened. Same happened to me 2021/2022 crypto. what makes you a man is your ability to bear the loss.

She was looking for a quick fix not necessarily investment. They rather give the money to the market than pay to learn how it works

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Bro! Why are you like this? Don’t regret buying dollars, I promise you it will hit #2k/$ soon.

Price undergoes simple harmonic motion. That, it reverts back to a center of displacement when it has moved far away from such center.

After getting to the center, it then moves much farther away from than it does previously.

That's why USD/NGN pulls back. It gathers and stores larger momentum to sky rocket exceeding 1267.

Furthermore, the force that is driving this price is much larger than the force Nigeria government is applying ro draw it down. Nigeria has spent 30+ years printing naira than she has tangible export that will earn foreign dollars, to support the volume printed.

Do not sell! I repeat, do not sell!

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

kellybently:
calm down it 'll raise again.
it matter of time. it 'll increase again.
if you good in trading follow up with BTC and take advantage of the bullrun around the Conner to recover

Do you know the hardship it will cost if it continue to rise...praying that it rises is even to your detriment.

Dollar will continue to FALL!

Business is Ups and down and it happens.

Dollar will still increase but that does not mean you will make profit depending on how much you bought yours at that time.

Now dollar is around 950. If you buy yours at 1200, it will have to increase to 1201 before you make profit but someone who just bought today at 950 will make profit if it increase to 1000 and you will not.

Before you start a business, you must know how it works, if not you will loose.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Simple rule is do not buy any item to keep whenever there is arbitrary increase in price. It is usually due to market manipulation.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

you should have invested your money into buying and storage of food crops like maize, rice, soyabean and millets, this is dry season and the harvest is just starting, the new crops cost less, you used the opportunity to buy them and store during this period, after three months there will be scarcity, this is when price start going up, your 3m will give you 6m,bcoz price will be 2× higher.last year a bag of new crop of maize of 100kg was sold for #18,000, you all know maize was later sold #50,000, you can see the profit margin, take advantage of it now and invest in storage business is very profitable, you can start now,a bag is #25,000, the price will later go up and you will profit from it.

Don't sell the dollar, Nigeria government doesn't have what it takes to sustain the cosmetics approach they are currently applying

mikeapollo:
Please keep your dollars. It is has not lost it's strength and value in the international market. You can still use it to pay for your fees or living expenses when you trave out.
Don't rely on the naira that has no stability.

Exactly

EconFinance:
Dollar crash to 500?

You must be sleeping lol

It cannot go below 700 in the next 4 yrs
Mark this

What we really need is STABILITY in the market

Let there not be these wild oscillations.
Once it achieves stability
We will be good
If it is 800
Let it remain in that range for long so people can plan

The internet has noted your take. I believe i clearly gave a range 500-750 on the immediate level

Don't just rely on what people say. If you want to do this type of investment, you follow news on finance ministry and the CBN to know how to take your risk and predict the naira to the dollar.

Dollar can never increase.... It will keep going down. So better sell off now

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Keep hodl.

Don't sell yet

I repeat don't withdraw

mayDtolu:
Bro! Why are you like this? Don’t regret buying dollars, I promise you it will hit #2k/$ soon.

Price undergoes simple harmonic motion. That, it reverts back to a center of displacement when it has moved far away from such center.

After getting to the center, it then moves much farther away from than it does previously.

That's why USD/NGN pulls back. It gathers and stores larger momentum to sky rocket exceeding 1267.

Furthermore, the force that is driving this price is much larger than the force Nigeria government is applying ro draw it down. Nigeria has spent 30+ years printing naira than she has tangible export that will earn foreign dollars, to support the volume printed.

You want to cry

It all depends on why you are saving in USD. If it's for japa plans, it should not be an issue. If it's for investment then you have to pull out now.
Also, if it's for japa plans then you can increase your dollars by selling off the USD you have now and wait till it dips further then buy again and save.

Wujio:
Stop giving unreasonable advice. Do you know people loose as much a $1 Billion from these kind of things ?

na pple like those buying dollars and speculating be issue for These country bloody capitalists who only care about too much profit... And not how it affects others...

Wolfdevil:
Why is everyone complaining.

If you follow the market, this thing happens every year around this time. It will eventually rise even higher. The op should just calm down. It will rise even higher than #1300

may it fall more so Ina go lose u pple don't care about effect on the common man.. just skyrocketing profit...

Deogratiasfx:
It is like you just want pity party to be organized for u. If u invest in dollar months ago as u claim u should still be in profits, when did dollar hit 1k, just few weeks ago. You mention 10yrs, then dollar was #150. I remember I used to buy 100$ with 17k. CBN is pumping money in forex again, dollar will temporary depreciate against naira, but in few months the real forces of demand and supply will raise it to 2k per dollar.
Disclaimer: you are an adult so take ur decision as it pleases u.

Did you read from the back or what? She said she was advised a last week on a thread and that was when she invested.

Fugazy2023:
Haha Haha, I'm glad this happened because most of you are naive. Were you not the one I told to diversify and invest some in forex trading? A lot of people were bashing me and calling me scam and all sort because of there level of ignorance. If you had invested in forex trading even if it was $200. Yet you still invested in forex in a very ignorant manner 🤣. Losing almost $400. The mumu people that ask you not to trade in forex as I advised are also the people that ask you to buy dollar. Isn't that also forex trading? 🤣🤣. Dumb people full this social media. Instead of you trading it professionally, you did ignorantly. Mad o. If you had taken to my advice;
1. I would have told you of the impending fall of dollar to naira and advice you dont invest in dollar
2. You would have cash out because I have already cash out from my own investment in FX.

Stay there and be listening to ignorant morons on nairaland till they push you and you lose all your money.

Sebi 90% advice you to invest in dollar abi, well done. Same way over 90% of people lose there money in forex because of mumuism

Kindly STFU, you scamming SOAB.

@Op.. Not an advice to you but now until the end of 4yrs, 1 dollar will get to between NGN3000 to NGN4000. As much as it saddens me, that's what most likely will happen.

I read people here saying the refineries are coming onboard and that it will ease the pressure on the dollar demand. Remember, oil markers are refusing to sell to Dangote and the rest using our Naira. They want dollars. So, the demand and pressure on fx will still persist.

Also, the govt said it was gonna pump in about $10billion into the currency market. Remember the $10biilion is to settle dollar demand backlog. After the backlog is cleared, what next? Our biggest problem with regards to FX in Nigeria is about supply, there isn't a steady supply of dollar in the Nigerian FX market. Our major supplier of dollar is oil but that has been sabotaged by the activities of those involved in oil theft and low oil production rate.

Also, you must have heard about the Buhari Oil Futures swap deal with major oil companies around the world. At the moment Nigeria owes over 3billion dollars in oil to that deal.

Plus, the govt release a memo last month or so, that next year's budget plus servicing our foreign debts will be finance with loan. Just so you understand what that means, it means next year will be sort of a photocopy of this year with a bit of shege added to it.

What I am saying in effect is, until there is increased and steady supply on dollar into the Nigerian economy, the fall of the Niaira will continue. What we are seeing now is profit taking by some, when the Naira finds it support, the fall will continue to over NGN2000 and more.

I hate that I wrote this because of what the fall of Naira will mean to most Nigerian households but based on the realities and fundamentals on ground, the decline of Naira will continue.

Wujio:
Smh. I recall stating clearly on the orevious threwd not to biy dollar at all at the current rate that it was too late. Do people ever listen at all?


What advice is that. Did i not clearly say dollar to naira value is in uncertain levels and not to attemot buying it. Many of us kept shouting dont buy dollars anymore una no dey here.


Keep your money in your bank account and thats your best investment for now

Or learn about Nigerian stock market and invest in it. The Nigerian stock market is having it's best year by adding at least 11 trillion naira already just this year alone.